Engineering firm becomes employee owned

Award-winning, Warwick-based engineering and process automation company, 3P innovation Ltd, has announced that it is now employee-owned.

This transition has been taken by the firm to secure its long-term future, for the benefit of customers and employees alike.

3P was founded in Warwick in 2006 by a group of like-minded engineers with a passion for quality engineering, high performance machinery, innovation and collaboration.

3P has grown rapidly, working closely with clients to create ground-breaking manufacturing solutions across a variety of sectors. In 2018, they moved to a new facility in Warwick and has since doubled turnover.

Having worked hard to build the business over the last 14 years, founders Tom Bailey and Dave Seaward came to the realisation that the employees, who are responsible for so much of the success of 3P, will be the best successors for ongoing and long-term ownership of the business.

An Employee Ownership Trust (EOT) was a natural succession model, Tom and Dave say.

Businesses which move to employee ownership are typically renowned for having a family-like, open, collaborative culture, characterised by customer focus, innovation, independence from corporate control, agility and a sense of social responsibility.

Tom Bailey, managing director, said, “As the founders of 3P, both Dave Seaward and I feel a genuine obligation to our customers and employees alike to continue to provide a strong and secure platform for sustained growth and development of the business.

"3P has always fostered positive employee engagement to ensure we work tirelessly in close partnership with our customers; It is our employees past and present who are responsible for the success we currently enjoy. Becoming an Employee-Owned business will ensure that these values remain embedded within the business for the long term. ”

This announcement comes after 3P celebrated their most successful year to date, achieving record turnover and annual growth of almost 40 per cent.

Tom and Dave will remain as directors of 3P innovation Ltd trading board. They also become trustees on the EOT Board, alongside an independent trustee, Gary Davie of Legal Clarity Ltd and an employee trustee. The employee trustee will be elected by staff later this year, once the 3P employee council is formed.

Earlier this year, 3P were awarded the Queen 's Award for Enterprise in Innovation for their Fill2Weight powder micro-dosing technology.

They have also been awarded “UK Business Hero 2020 ” status by the British Chambers of Commerce for the contribution they have made to supporting NHS and front-line care workers during the pandemic - producing 30,000 visors for free.